UpdateAsia naphtha plummets to near one-month low at $962/tonne

18 September 2012 10:40  [Source: ICIS news]

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SINGAPORE (ICIS)--Asia’s open-spec naphtha prices plunged to the lowest levels in nearly a month on Tuesday, following a physical trade, traders said.

Naphtha prices for the first half of November fell by $30/tonne (€23/tonne) from Monday to close at $961-963/tonne CFR (cost & freight) Japan on Tuesday, the weakest since 22 August, ICIS data showed.

In physical trading, Glencore sold a second-half November cargo to Vitol at $956/tonne CFR Japan.

The naphtha crack spread versus November Brent crude futures lost 6.8% from Monday to $108.50/tonne, the lowest since 23 August, according to ICIS data.

The backwardation between the first half-November and the first half-December contracts was assessed at $11/tonne on Tuesday, unchanged from Monday levels, ICIS data showed.

However, the intermonth spread has narrowed from a backwardation of $14/tonne on 11 September, according to ICIS data.

Naphtha prices have been hit by overall weaker crude futures, and supplies from India are expected to increase for October as routine refinery maintenance in the country ends, traders said.

($1 = €0.76)

By: Felicia Loo

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